Aug. 19 (Bloomberg) -- The University of Texas will receive
a $50 million gift from the Livestrong Foundation for a cancer
center at the medical school it’s building in Austin.

The funds will be invested over 10 years to create the
Livestrong Cancer Institutes, the Austin-based cancer support
charity said today in a statement.

The facility will “break new ground in patient-centered
care” with innovative teaching and research, the university
said today in a separate statement. The Dell Medical School --
named for Dell Inc. founder Michael Dell and his wife Susan --
is scheduled to admit its first class of 50 students in 2016,
according to the school.

Livestrong, founded by cyclist Lance Armstrong, dropped its
affiliation with the athlete in 2012 amid charges he cheated by
using performance-enhancing drugs. Last year, Armstrong, a
cancer survivor, admitted to using the banned substances.